Ethereum Could Settle $8,000,000,000,000 in Transactions This Year – Here’s What’s Behind the Surge

New numbers from cryptocurrency data firm Messari show the Ethereum network settled $2.5 trillion in transactions in the second quarter of 2021.

Messari senior research analyst Ryan Watkin says the number suggests that the blockchain is now on track to hit $8 trillion in transactions by the end of the year.


“In Q2 2021 Ethereum settled $2.5 trillion in transactions. This represents +65% QoQ and +1,490% YoY, and puts Ethereum on pace to settle $8 trillion in 2021.”

Source: Messari

Watkins says the surge is primarily due to a boom in decentralized finance (DeFi) and stablecoins.

Between April and June, decentralized exchange (DEX) volumes reached $405 billion, marking an increase of 117x year-over-year and an 83% increase from the first-quarter numbers. Outstanding loans in lending platforms also increased by 44% over the quarter, according to Messari’s Q2 2021 DeFi Review.

Messari adds that the rollout of layer-2 scaling solutions on Ethereum will immensely scale DeFi sectors.

“The most anticipated launches of these solutions are optimistic rollups which allow thousands of transactions to be bundled into a single rollup block.”

Meanwhile, stablecoin market capitalization reached $107 billion in Q2, up by 803% year-over-year and 70% since Q1. The digital assets facilitated $1.7 trillion in transactions throughout the quarter, representing an increase of 1,090% year-over-year and 59% since Q1.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/HQuality

Leave a Reply

Your email address will not be published. Required fields are marked *